Press release
Turtle Beach Reports Fourth Quarter and Full Year 2022 Results
Expects Net Revenues for Fiscal Year 2023 to Increase Approximately 10% WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Leading gaming accessory maker Turtle Beach
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nExpects Net Revenues for Fiscal Year 2023 to Increase Approximately 10%\n\n WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nLeading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR) reported financial results for the fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter Summary vs. Year-Ago Quarter:\n\n\nNet revenue was $100.9 million ($105.5 million in constant currency), compared to $109.4 million a year ago;\n\n\nNet loss was $23.2 million, or $1.40 per diluted share, compared to net income of $4.5 million, or $0.25 per diluted share, a year ago;\n\n\nAdjusted net income was $1.6 million, or $0.10 per diluted share, compared to adjusted net income of $2.8 million or $0.16 per diluted share, a year ago;\n\n\nAdjusted EBITDA was $6.0 million compared to adjusted EBITDA of $9.6 million a year ago;\n\n\nRecurring operating expenses were down ~16%, a result of proactive expense management the Company initiated earlier in the year.\n\n\n2022 Full-Year Summary vs. 2021:\n\n\nNet revenue was $240.2 million ($249.3 million in constant currency), compared to a record $366.4 million a year ago, reflecting lower consumer demand as a result of a challenging macroenvironment and channel inventory destocking at retailers;\n\n\nNet loss was $59.5 million, or $3.62 per diluted share, compared to net income of $17.7 million, or $0.97 per diluted share, a year ago;\n\n\nAdjusted net loss was $25.0 million, or $1.52 per diluted share, compared to adjusted net income of $20.2 million, or $1.11 per diluted share, a year ago;\n\n\nAdjusted EBITDA loss was $18.7 million compared to adjusted EBITDA of $36.6 million a year ago;\n\n\nRecurring operating expenses were down ~13% from proactive expense management the Company initiated earlier in the year.\n\n\nManagement Commentary\n\n“We executed well in the fourth quarter, and despite the macro circumstances that impacted the industry throughout 2022, we are well-positioned for the inevitable gaming accessories market turnaround and remain encouraged by the strong underlying long-term trends in the gaming market,” said Juergen Stark, CEO and Chairman, Turtle Beach Corporation. “Per Newzoo, the number of gamers continues to grow, and the global gaming market is projected to add another 335 million gamers by 2025. Although our profitability was impacted by macroeconomic conditions ...